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Priciest City List Shows Weak Dollar's Effect

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Due to the continued weak dollar, life has become more expensive in European and Asian cities. According to a ranking of the world's most expensive cities -- using New York as the benchmark -- Tokyo, closely followed by London, are the two most expensive places to set up house. The list, compiled by Mercer consulting group, showed several European cities moving up while U.S. cities moved downward due to currency weakness. After London in the rankings come Moscow, Osaka and Hong Kong. Two Swiss cities -- Geneva (6) and Zurich (9) -- hit the top 10. New York fell from 10th to 12th place, leaving the top 10 devoid of American cities. The rankings are based on 250 criteria such as costs for water, electricity, gas, food and entertainment.